ISLAMABAD: The Islamabad Stock Exchange (ISE-10) on Wednesday witnessed bearish trend as the index shed 45.04 points to close at 2814.97 as compared to the previous day's trading.
Talking to APP, M. M Hassan said that the news of decline in cement prices led the bearish rally in the local markets.
He said that the slow construction activities due to harvesting season of wheat in the country and the cement in surplus quantity were main cause of the decline in the prices of cement.
"Besides, the selling by the foreign investors was also seemed in the markets resulting in the closing of the local bourse in the red zone", he add.
He said that however, the buying was also seen in Cement, Oil and Fertilizer sectors because of the attractive lower level of index for the investors which was the positive thing for the long-term.
Total volume of shares traded was 30,500, which was down by 2,450 as compared to a day earlier's closing.
Out of 142 companies's shares traded, the price of 19 increased while that of 123 decreased.
The price of top gainer Mitchell fruit Farms was increased by Rs.9.00 while the price of top loser Unilever Pakistan decreased by Rs.84.23.
PTCL, Lafrage Pakistan Cement and Engro Corporation remained volume leaders on Wednesday, with volume of 20,000, 8,000 and 1,700 shares respectively.
Meanwhile, the rupee remained stable by closing at Rs.90.80 against US dollar as compared to the previous day's closing at Rs.90.80 against the greenback in the inter-bank.
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